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Prepare Appraisal and Submit Appeal to Horry County by January 15, 2014[wp_cart:Condo/TH-Appraisal and Submit Appeal:price:225.00:end][show_wp_shopping_cart]

$225

Important Information About the Appeal Process

Your property’s assessment is based on either

market value effective December 31, 2008 (the last Countywide assessment), or

market value effective December 31 in the year the property’s ownership interest last transferred (if after 2008).

For property that has not changed ownership since December 31, 2008, the County bases appraised value on 2008 sales (and in some cases 2009 sales) rather than current market value.

As an owner, you have the right to appeal the assessed valuation.

To assist you in this process, we are offering our services to help you file the necessary objections and will

Prepare an appraisal of your property effective December 31 in the year the property’s ownership last transferred,

OR prepare an appraisal of your property effective December 31, 2008, using comparable sales from 2008 and, when appropriate, 2009

Submit the appropriate paperwork to the Tax Assessor’s office.

You should be aware that an appraisal from Certifax does not guarantee a reduction in your taxes. Naturally, we are ethically bound to strict appraisal standards. However, after 27 years and more than 35,000 appraisals, we have successfully provided innumerable individuals with well-founded appraisals to appeal their taxes, and they have successfully reduced their taxes using our appraisals.

Horry County has been bombarded with appeals over the last few years. Should the County appraiser reviewing your file reject your appeal, you will be able to use the appraisal from Certifax with the Horry County Tax Appeal Board, eliminating the need for an in-person conference.

Due to the time sensitivity of this issue and in order to ensure that you are included in any formal protest, it’s imperative that you return these documents in a timely manner. The sooner you can send in the protest request, the better.

You’re selling your house, condo, or any real estate, and you want the highest possible price … so how do you set your listing price to attract bidders?

Price it too high, and you’ll scare off potential buyers.

Too many people overprice their listings and as a result, lose more money than they make. My friend did that, and here’s what happened.

My Friend’s Costly Mistake:

Last January I appraised her property with an estimated value of $360,000. I used five comps and looked at listings, too. So it was a well-researched appraisal.

She listed it in January at $399,000, $39,000 or 10.8% higher than appraised value. It sat there for nine months with few showings and no offers.

Finally, she just now got an offer for $347,500, $12,500 below market value in January 2013.

By pricing it too high, she carried it for nine months, incurring (and losing money on) mortgage interest, real estate taxes, HOA dues, utility and landscaping expenses. She also lost plenty of sleep, worrying about when she’d sell.

Ultimately, when she got an offer of $347,500 — $51,500 or 12.9% below her asking price — she was desperate and too afraid to counter, thus she accepted the first offer she got. Sadly, today’s market value is $375,000, so her loss is even worse.

The Magic Formula

So is there a magic formula for pricing your property?

Yes, there is!

Most MLS systems calculate the “median sale price as a percent of list price.” In our market over the last year, that number is 96.8%.

So take your appraised value and divide it by that ratio. In my friend’s scenario:

$360,000 / .968 = $371,900

Had she listed her property competitively at $371,900, she would have attracted more potential buyers and likely received an offer much sooner. She may have even had a bidding war.

When you overprice your property, selling agents who show your property in the beginning lose interest after a while. Your listing gets stale, agents don’t show it anymore, and in the end, you lose money.

If you use the right ratio in listing your property, you’ll attract more prospective buyers and you might even get a bidding war, driving your sale price higher.

Naturally, if you’re in a rapidly appreciating market, you can overprice and wait for the market to catch up, but you still run the risk of winding up with a stale listing that agents won’t show. And you lose money on carrying costs.

Obviously, everyone wants to sell real estate for the highest price. But if you’re in a declining market, you should price UNDER market value to sell quickly, otherwise you’ll be chasing the market downward. I learned that lesson the hard way in 2008 — it was an expensive and painful lesson to learn.

Posted October 27, 2013

Kay Van HoesenCertifax FounderSenior Appraiser

Kay Van Hoesen represents private-party investors, equity groups, hedge funds, and mortgage lenders. She is founder, senior appraiser and owner of Certifax, Inc. with local appraisal experience since 1986. She and her staff have developed more than 35,000 appraisals, consulting on more than $7 Billion in real estate.

Kay is a certified real estate appraiser in South Carolina and North Carolina as well as FHA-approved. She is also a licensed real estate broker in South Carolina, a participating member of the National Association of Realtors, the Coastal Carolinas Association of Realtors, and an Associate Member of the Appraisal Institute.

Every month between 200 and 300 properties get sold at the Horry County foreclosure auction in Conway, SC. Myrtle Beach oceanfront condos, vacation homes, townhouses, mobile homes, rentals, golf villas, vacant lots, land tracts and even commercial property — all go to the highest bidder.

Though foreclosures are disappearing in much of the country, we still have a large supply at auction each month because South Carolina is a judicial state. We’re one of about 15 states that requires foreclosures to go through the court system, slowing down the process. So there are still opportunities at the foreclosure auctions, and because the market has bottomed, this is a great time to buy.

Even though real estate prices are increasing and sales activity has picked up in resort markets, you can still snag some good deals at foreclosure auctions if you do your due diligence and know what to look for. Most auction buyers are flippers. They want to resell purchases within a couple months, weeks or even days for a quick profit. They’re not investors who want to buy and hold. So they usually don’t bid up prices too high.

So if you’re looking for a property that you can move into or rent and will appreciate in value, the auction is a great place to earn instant equity.

You can view a list of what’s going up for auction and get answers to frequently asked questions from the Master in Equity at the County’s website. If you want more detailed data, you can subscribe to a private service focusing on local foreclosures.

If you’d like representation at the auctions, we research comparable sales, senior liens, unpaid taxes and bid each month for out-of-town investors. If you’d like our help, shoot us an email (info@certifaxappraisals.com) or call at 843-497-9155, Ext. 103.

Kay is founder, senior appraiser, broker-in-charge and owner of Certifax, Inc., in Myrtle Beach. With local appraisal experience since 1986, she and her staff have developed more than 35,000 appraisals, consulting on more than $7 Billion in local real estate.

Kay is a state certified residential real estate appraiser in both South Carolina and North Carolina as well as FHA-approved. Additionally, she is a Realtor and licensed real estate broker in South Carolina, a participating member of the National Association of Realtors, the Coastal Carolinas Association of Realtors, and an Associate Member of the Appraisal Institute.

Kay is founder, senior appraiser, broker-in-charge and owner of Certifax, Inc., in Myrtle Beach. With local appraisal experience since 1986, she and her staff have developed more than 35,000 appraisals, consulting on more than $7 Billion in local real estate.

Kay is a state certified residential real estate appraiser in both South Carolina and North Carolina as well as FHA-approved. Additionally, she is a Realtor and licensed real estate broker in South Carolina, a participating member of the National Association of Realtors, the Coastal Carolinas Association of Realtors, and an Associate Member of the Appraisal Institute.

A year ago we talked about noise issues locals know about and you should, too, including continuous complaints from residents in the upscale Plantation Point subdivision about a nearby tourism-related chopper launching pad. For now, it seems Helicopter Adventures has won the legal battle.
Moral of the story: When you’re shopping for a home in a resort destination, find a reputable representative who’s well familiar with the particular area in which you’re looking. Ask open-ended questions about noise, traffic, and whether there are any known issues that residents complain about. Otherwise, you too could find yourself “…trapped in a really bad, never-ending episode of M*A*S*H.”

Posted March 21, 2013

UPDATE:
On April 19, 2016, the Horry County Council unanimously approved an ordinance requiring new helicopter companies offering tourist rides to operate from a public airport. However, Helicopter Adventures has been grandfathered to allow its current location at 21st Avenue North near Broadway at the Beach and Plantation Point subdivision until August 2023. Read more.

She is founder, senior appraiser and owner of Certifax, Inc., in Myrtle Beach. With local appraisal experience since 1986, Kay and her staff have developed more than 35,000 appraisals, consulting on more than $7 Billion in local real estate.

Kay is a state certified residential real estate appraiser in both South Carolina and North Carolina as well as FHA-approved. Additionally, she is a licensed real estate broker in South Carolina, a participating member of the National Association of Realtors, the Coastal Carolinas Association of Realtors, and an Associate Member of the Appraisal Institute.

_____________________

Every month the trusted experts at Certifax scour the market, finding the best real estate bargains

If you’ve been around long enough, as I have, you’ll remember the hoopla over the 1988 Beachfront Management Act, setting limits on oceanfront construction, use of sea walls, replacement of pools and much more, all designed to protect South Carolina shoreline and beaches.

Kay Van Hoesen is founder, senior appraiser and owner of Certifax, Inc., real estate appraisers in Myrtle Beach. With local appraisal experience since 1986, she and her staff have developed more than 35,000 appraisals, valuing more than $7 Billion in local real estate.

Kay is a state certified residential real estate appraiser in both South Carolina and North Carolina as well as FHA-approved. Additionally, she is a licensed real estate broker in South Carolina, a participating member of the National Association of Realtors, the Coastal Carolinas Association of Realtors, and an Associate Member of the Appraisal Institute.

Last May we reported on noise issues locals know about and you should, too, before buying real estate in Myrtle Beach.

One problem area is the high-end Plantation Point subdivision with residents complaining about sight-seeing helicopter tours from nearby Helicopter Adventures, prompting one resident to say “… it is like being trapped in a really bad, never-ending episode of M*A*S*H.”

In litigation questioning whether the helicopter tour company is a permitted use in the county’s amusement-commercial zoning, last month Judge Larry Hyman ruled in favor of Helicopter Adventures.

The Sun News reported yesterday that Plantation Point resident Richard Hinde has asked Judge Larry Hyman for reconsideration of that ruling, and a hearing is scheduled for February 13, 2013 which could lead to further appeals with the South Carolina Court of Appeals.

For now, choppers continue to take off and land from the launching pad off 21st Avenue North behind NASCAR Speed Park.

Kay Van Hoesen is founder, senior appraiser and owner of Certifax, Inc., real estate appraisers in Myrtle Beach. With local appraisal experience since 1986, she and her staff have developed more than 35,000 appraisals, valuing more than $7 Billion in local real estate.

Kay is a state certified residential real estate appraiser in both South Carolina and North Carolina as well as FHA-approved. Additionally, she is a licensed real estate broker in South Carolina, a participating member of the National Association of Realtors, the Coastal Carolinas Association of Realtors, and an Associate Member of the Appraisal Institute.

]]>Sex Sells | Down-Under Real Estate Sales Video Goes Viralhttps://certifaxappraisals.com/sex-sells-down-under-real-estate-sales-video-goes-viral/
Fri, 14 Dec 2012 09:22:40 +0000http://certifaxappraisals.com/?p=11229Are we Americans too uptight? Maybe. I can’t imagine any Realtor in America putting out a real estate sales video like the one posted below by Neo Property in Australia, but it sure attracted a lot of attention — 1.6 million views internationally — and the property sold. Neo Property sells luxury beach, golf and waterfront homes and condos catering to an affluent clientele. This video, with lingerie-clad super models, is anything but boring. Gives a whole new meaning to creative marketing. Hmm. Wonder what something like this would do for a real estate appraiser in Myrtle Beach. WARNING: This video is racy.

Kay Van Hoesen is founder, senior appraiser and owner of Certifax, Inc., real estate appraisers in Myrtle Beach. With local appraisal experience since 1986, she and her staff have developed more than 35,000 appraisals, valuing more than $7 Billion in local real estate.

Kay is a state certified real estate appraiser in both South Carolina and North Carolina as well as FHA-approved. Additionally, she is a licensed real estate broker in South Carolina, a participating member of the National Association of Realtors, the Coastal Carolinas Association of Realtors, and an Associate Member of the Appraisal Institute.

Looking for luxury real estate in Myrtle Beach? Call us! We can help you (sorry, no lingerie-clad models included).

Is your assessment accurate? We believe it may be high and you may be able to save taxes by appealing your assessment.

If your unit was purchased prior to December 31, 2008, your assessment is based on values effective December 31, 2008.

We recently completed a retrospective appraisal effective December 31, 2008 on a Riverwalk II 3-bedroom unit (not direct Waterway) and the appraised value was $151,000. Horry County had assessed value at $220,000. If the assessment appeal is accepted by Horry County (and we have no reason to believe it won’t), the owner will save $590 in taxes this year and $590 in taxes next year.

If you would like our assistance in the appeal process, we are offering discounted fees on orders received by December 19, 2012.

For a non-refundable fee of $225, a certified appraiser will develop an appraisal of your unit and hand-deliver the appropriate paper work to the Horry County Tax Assessor’s office. You should be aware that an appraisal from Certifax does not guarantee a reduction in your taxes. Naturally, we are ethically bound to strict appraisal standards. However, after 26 years and more than 35,000 appraisals, we have successfully provided innumerable individuals with well-founded appraisals to appeal their taxes, and they have successfully reduced their taxes using our appraisals.

Discounted fees expire on December 19. Thereafter, fees will increase by $50.

If interested in participating in this program, you may order in one of three ways:

1) By credit card or PayPal (click on Add to Cart button which will open shopping cart in upper-right corner of this page) [wp_cart:River Walk II Appeal:price:225.00:end][show_wp_shopping_cart]

With all orders, the County requires your original signature on the appeal form. Please click HERE, download form, sign and send to us.

This offer is only for River Walk II unit owners. If you have other property for which you would like our assistance, please email us at info@CertifaxAppraisals.com or call us at 843-497-9155, Ext. 106.

Should you have any questions, please consult the Frequently Asked Questions (HERE). Please also read important information about the appeal process at bottom of page.

Important Information About the Appeal Process

Your property’s assessment is based on either

market value effective December 31, 2008 (the last Countywide assessment), or

market value effective December 31 in the year the property’s ownership interest last transferred (if after 2008).

For property that has not changed ownership since December 31, 2008, the County bases appraised value on 2008 sales (and in some cases 2009 sales) rather than current market value.

As an owner, you have the right to appeal the assessed valuation.

To assist you in this process, we are offering our services to help you file the necessary objections and will

Prepare an appraisal of your property effective December 31 in the year the property’s ownership last transferred,

OR prepare an appraisal of your property effective December 31, 2008, using comparable sales from 2008 and, when appropriate, 2009

Submit the appropriate paperwork to the Tax Assessor’s office.

You should be aware that an appraisal from Certifax does not guarantee a reduction in your taxes. Naturally, we are ethically bound to strict appraisal standards. However, after 26 years and more than 35,000 appraisals, we have successfully provided innumerable individuals with well-founded appraisals to appeal their taxes, and they have successfully reduced their taxes using our appraisals.

Horry County has been bombarded with appeals over the last few years. Should the County appraiser reviewing your file reject your appeal, you will be able to use the appraisal from Certifax with the Horry County Tax Appeal Board, eliminating the need for an in-person conference.

Due to the time sensitivity of this issue and in order to ensure that you are included in any formal protest, it’s imperative that you return these documents in a timely manner. The sooner you can send in the protest request, the better.

Townhouse-style condo project with a mix of 2- and 3-BR units, clubhouse, tennis courts, playground and a swimming pool. You own the space between the walls, but there’s no one above or below you. This mostly primary-home neighborhood is on the north end of Myrtle Beach between Bypass and Business Highways 17.

Good appeal for primary home occupancy, second home or investor purchase to put on annual rental program.

Located within The Legends community, developed around Legends Golf Course off Highway 501, the main corridor between Myrtle Beach and Conway, SC, the county seat. Close (within five or ten minutes) to Conway Hospital, Coastal Carolina University, Horry Georgetown Technical College. Good primary home and second home appeal.

Located off Burcale Road (off Highways 501), Azalea Place is a small subdivision (about 40 lots) with good appeal to families, first-time buyers and retirees. Most homes have 2- or 3-BRs. We could find only one sale in the last year; a 4-BR, 3-bath home with a one-car garage. Currently in MLS, besides the subject property, two 2-BR homes are listed for sale at prices ranging from $124,900 to $129,000.

Located within Litchfield By The Sea, a large, private, beachside community (approx. 5,000 acres) comprised mostly of vacation rental homes, adjacent to Huntington State Park. This is a townhouse-style condo. There’s nobody above or below you, but it’s a horizontal property regime (you own the space between the walls).

We found only two recent sales (listed below). Currently in MLS, the next lowest priced Lakeside Villas unit is priced at $259,000 (MLS # 1216789).

Indigo Creek is on the south end of the Grand Strand located just west of ByPass Highway 17. The subdivision, built around Willard Byrd-design Indigo Creek Golf Club, was started in the mid-1980s. Most homes range in size from 1200 SqFt to 2700 SqFt with 2-, 3-, or 4-bedrooms. Prices range from $135,000 to $275,000, with the average price around $175,000.

If you would like our assistance in the appeal process, we are offering discounted fees on orders received by November 16, 2012.

If you wish to dispute the assessed value of your property and would like our assistance in the appeal process, we are offering discounted fees on a two-step process on orders received by November 16, 2012.

Step 1: Initial research for a minimal costto see whether an appeal will benefit you.

Step 2: If beneficial, completion of an appraisal with appropriate documentation delivered to the Tax Assessor’s office.

Step 1:A State certified appraiser will pull and analyze sales appropriate for time period as specified by Horry County Assessor’s guidelines. We will then notify you via email whether or not we found enough evidence to support lowering your assessed valuation. Cost for Step 1:

Condos and Townhomes: $ 99

Single Family Detached Homes: $149 (SF homes require more research & time)

Step 2: Should you then decide to proceed, a State certified appraiser will complete the appropriate documentation and prepare a summary appraisal documenting lower value. We will then submit to the Tax Assessor’s office by January 15, 2013. Cost for Step 2:

market value effective December 31, 2008 (the last Countywide assessment), or

market value effective December 31 in the year the property’s ownership interest last transferred (if after 2008).

For property that has not changed ownership since December 31, 2008, the County bases appraised value on 2008 sales (and in some cases 2009 sales) rather than current market value.

As an owner, you have the right to appeal the assessed valuation.

To assist you in this process, we are offering our services to help you file the necessary objections and will

Prepare an appraisal of your property effective December 31 in the year the property’s ownership last transferred,

OR prepare an appraisal of your property effective December 31, 2008, using comparable sales from 2008 and, when appropriate, 2009

Submit the appropriate paperwork to the Tax Assessor’s office.

You should be aware that an appraisal from Certifax does not guarantee a reduction in your taxes. Naturally, we are ethically bound to strict appraisal standards. However, after 26 years and more than 35,000 appraisals, we have successfully provided innumerable individuals with well-founded appraisals to appeal their taxes, and they have successfully reduced their taxes using our appraisals.

Horry County has been bombarded with appeals over the last few years. Should the County appraiser reviewing your file reject your appeal, you will be able to use the appraisal from Certifax with the Horry County Tax Appeal Board, eliminating the need for an in-person conference.

Due to the time sensitivity of this issue and in order to ensure that you are included in any formal protest, it’s imperative that you return these documents in a timely manner. The sooner you can send in the protest request, the better.

River Hills S/D is built around River Hills golf course, halfway between North Myrtle Beach and the NC/SC state line and within about five minutes of the Intracoastal Waterway and several marinas.

Started around 1990, River Hills contains a mix of single-family styles with mostly 3- or 4-bedroom houses ranging in price from around $150,000 to around $500,000, with an average price around $225,000.

If you’re appealing your taxes, the County requiresthis form (CLICK HERE) be completed. Unfortunately, this form must be filled in by hand.

Please fill in as much as you can. If you’re unsure about an answer, leave it blank and we’ll complete the form for you, but you MUST sign and date the form.

We must have the ORIGINAL SIGNED form mailed to us to submit with your appraisal.

Also, if possible, please send us a copy of your tax bill.

If you’re not appealing your taxes but just want a current appraisal, please also complete as much of this form as possible and mail to us or fax (1-866-281-6320) or scan and email to us at info@certifaxappraisals.com.

How do I know if my property value is lower than the appraised value on my tax bill?

Each property is different and typically takes considerable research to find and analyze comparable sales. Thus, without doing the work of an appraisal, we are unable to tell you what your property would appraise for. If you believe your property would have sold for significantly less than the appraised value on your tax bill, you may want to object your assessment.

What will happen if I hire Certifax to prepare an appraisal for me?

A state certified appraiser at Certifax will prepare a retrospective summary appraisal of your property effective either December 31, 2008 or December 31 in the year the property’s ownership interest last transferred.

Because single family homes are unique, they take significantly greater time to research and analyze than condominiums and townhouses. As a result, we are unable to discount single family fees as much as condo and townhouse fees.

Certifax will file your objection along with the appraisal of your property with the Horry County Tax Assessor’s office. You will also receive a copy of the appraisal via email or U.S. mail.

What happens next?

Someone from the Horry County appraisal staff will look at your appeal and render a decision. They will then contact you via U.S.mail stating the results.

If you disagree with their results, you will have 30 days to request a conference (which can be done by phone) to further justify your position. If you do not respond within 30 days, the matter will be closed.

If you disagree with the result of the “conference,” you will have 30 days to request an appeal with the Horry County Board of Assessment Appeals. (The correspondence you receive will outline how to move forward with this.) If you do not respond within 30 days, the matter will be closed.

If you choose to take the matter to the Appeal Board, it is not necessary to meet with them in person. Your meeting can be done via telephone, and you can use the appraisal as your documentation of your property’s appraised value.

What happens if I disagree with the Appeal Board’s decision?

You will be given an option to take the matter to the Administrative Law Court in Columbia, S.C.

How long does this process take?

Horry County has been overwhelmed with appeals in the last few years, and currently not all appeals from last year are settled. So this process could be lengthy.

What happens if my taxes are lowered?

You will receive a refund, plus interest determined in accordance with Section 12-54-24 of S.C. State Law.

How much refund can I expect to receive for every $1,000 in value difference?

That depends on your specific tax district.

For example, for non-primary owners in tax district 880 in the City of Myrtle Beach, the millage rate is .2415, taxed at a 6% rate.

So for every $1,000 in appraised value difference, the tax assessment would be calculated as follows:

$1,000 x .06 (6%) x .2415 = $14.49

Thus, if the appraised value differed by $50,000, the assessment difference would be $724.50.

If the appraised value differed by $100,000, the assessment difference would be $1,449.

Even if my appraised value is less than the appraised value on my tax bill, will the County lower my taxes?

Obviously, the County does not want to lower your and everyone else’s taxes. It could be a fiscal nightmare for them. Yet, as an owner you have the right to appeal the value placed on your property, and if you can demonstrate via comparable sales a lower value, the chances are good they will adjust your assessed value.

Many owners who objected to their tax assessment last year have successfully lowered their taxes.

If my taxes are lowered, will I be taxed at the lowered rate in future years?

Yes, if you have not made changes to the property or ownership, the assessed value will not change until the next countywide reassessment in 2014.

What happens if the appraised value is greater than the County’s assessed value?

If the appraised value is close to or greater than the County’s assessed value, or if there are no apparent savings from protesting your tax assessment, we will not automatically submit the appeal. Rather, we will contact you to discuss.

Is my appraisal confidential? Will it affect my ability to get a loan or sell my property for a higher price?

Your appraisal is completely confidential and no one but the Certifax Appraisal staff and the County tax employees will see it. Neither your appraisal nor the results of your appraisal will be published anywhere. No real estate agent, lender or buyer will ever see your appraisal unless YOU share it with them.

If I order a Current Market Value Appraisal, when will I receive that report?

The current market value appraisal and tax appeal appraisal will both be completed at the same time. Depending on the backlog of orders we receive, unless you request otherwise, most appraisals will be completed within four weeks of ordering. If you need it sooner, please let us know, and we’ll do our best to accommodate you.

How will you deliver the appraisal to me?

Your copy of the appraisal will be emailed to you, unless you specify other instructions.

Where can I get official information about the tax appeal process and verify the process and procedures outlined herein?

If you would like our assistance in the appeal process, we are offering discounted fees on orders received by December 14, 2012.

If you wish to dispute the assessed value of your property and would like our assistance in the appeal process, we are offering discounted fees on a two-step process on orders received by December 14, 2012.

Step 1: Initial research for a minimal costto see whether an appeal will benefit you.

Step 2: If beneficial, completion of an appraisal with appropriate documentation delivered to the Tax Assessor’s office.

Step 1:A State certified appraiser will pull and analyze sales appropriate for time period as specified by Horry County Assessor’s guidelines. We will then notify you via email whether or not we found enough evidence to support lowering your assessed valuation. Cost for Step 1:

Condos and Townhomes: $100

Single Family Detached Homes: $150 (SF homes require more research & time)

Step 2: Should you then decide to proceed, a State certified appraiser will complete the appropriate documentation and prepare a summary appraisal documenting lower value. We will then submit to the Tax Assessor’s office by January 15, 2013. Cost for Step 2:

market value effective December 31, 2008 (the last Countywide assessment), or

market value effective December 31 in the year the property’s ownership interest last transferred (if after 2008).

For property that has not changed ownership since December 31, 2008, the County bases appraised value on 2008 sales (and in some cases 2009 sales) rather than current market value.

As an owner, you have the right to appeal the assessed valuation.

To assist you in this process, we are offering our services to help you file the necessary objections and will

Prepare an appraisal of your property effective December 31 in the year the property’s ownership last transferred,

OR prepare an appraisal of your property effective December 31, 2008, using comparable sales from 2008 and, when appropriate, 2009

Submit the appropriate paperwork to the Tax Assessor’s office.

You should be aware that an appraisal from Certifax does not guarantee a reduction in your taxes. Naturally, we are ethically bound to strict appraisal standards. However, after 26 years and more than 35,000 appraisals, we have successfully provided innumerable individuals with well-founded appraisals to appeal their taxes, and they have successfully reduced their taxes using our appraisals.

Horry County has been bombarded with appeals over the last few years. Should the County appraiser reviewing your file reject your appeal, you will be able to use the appraisal from Certifax with the Horry County Tax Appeal Board, eliminating the need for an in-person conference.

Due to the time sensitivity of this issue and in order to ensure that you are included in any formal protest, it’s imperative that you return these documents in a timely manner. The sooner you can send in the protest request, the better.

Know your tax district number. How to find it? Use this linkto input either your last name or your tax map number (aka TMS #). If you’re searching by your TMS number, do not use hyphens or dashes when inputting your tax map number

When you get the search results that correlate to your property, click on the word Select (far right side of table). That will take you to details including your fair market value, your tax district number, your taxable capped value, and the history of your property taxes.

Then multiply that number (the answer or result in item 3, from above) by the millage rate listed on the 2012 millage chart. IMPORTANT NOTE: The millage rate for the 4% category is different from the millage rate for the 6% category.

South Carolina State law requires each county within the State to conduct a countywide reassessment every five years. A one year extension is allowed by County ordinance. Horry County’s last reassessment occurred in 2008. If your property has not changed hands since then, you’re getting taxed at values effective as of December 31, 2008.

The next countywide reassessment is scheduled for 2014; the new assessments will be effective as of December 31, 2013.

If you bought property after 2008, your taxes should be assessed based on the property’s value as of December 31 in the tax year you closed.

Want to appeal your taxes?

You have until January 15 to file your appeal with the Tax Assessor’s office. The link below will give you more information on how to appeal property taxes along with the appropriate form to use.

Warning: Simply telling the County you think your assessed value is too high or that your neighbors are assessed for less will not work. You need to supply documentation in the form of comparable sales to evidence that indeed, your property value is lower than their assessment.

If you’d like our assistance in preparing an appraisal and/or delivering the appeal to the County, please contact us. Depending on the property, often an abbreviated appraisal can be completed, minimizing your appraisal expense.

We are offering early-order discounted fees to assist owners with their tax appeals. Details HERE.

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Every month the trusted experts at Certifax scour the market, analyze and report the best real estate bargains

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Waterway Landing is on the east side of the Intracoastal Waterway near the Ocean Drive section of North Myrtle Beach. The project contains a mix of 1- and 2-bedroom units.

Located in the Members’ Club Section of Grande Dunes, a 2,200-acre master-planned upscale community on the north end of Myrtle Beach, extending from the oceanfront, west across the Intracoastal Waterway. Most homes sell between $500,000 and $1 million.

Myrtle Greens is located off Highway 501 between Myrtle Beach and Conway. Located within about two miles from a hospital, technical college and from CCU (Coastal Carolina University). Good for primary-home, second-home and annual rental.

Good news for fisherman, boaters and channel-front property values in the Cherry Grove section of North Myrtle Beach.

After eight years of legal wrangling over ownership of the canals, it’s official: ownership belongs to the State of South Carolina, and the City of North Myrtle Beach plans to dredge the main canal and 28 channels.

Sediment in the channels has increased from 4 inches to 15 inches in the last five years, and as a result, boaters must time their outings with high tide.

Approximately 1,100 property owners along the channels risked loss in real estate value and rental value. As we reported back in April 2012, “If dredging is not completed, rental properties along the channels could lose their appeal to vacationers causing property values to decline.”

The City of North Myrtle Beach plans to begin dredging in the fall of 2014 and estimates it will take six months to complete the work.

Kay Van Hoesen is founder, senior appraiser and owner of Certifax, Inc., real estate appraisers in Myrtle Beach, specializing in appraisals of channel-front homes and condominiums, oceanfront, and resort real estate in North Myrtle Beach and the entire Grand Strand. With local appraisal experience since 1986, she and her staff have developed more than 35,000 appraisals for 3,400 clients.

Kay is a state certified residential real estate appraiser in both South Carolina and North Carolina as well as FHA-approved. Additionally, she is a licensed real estate broker in South Carolina, a participating member of the National Association of Realtors, the Coastal Carolinas Association of Realtors, and an Associate Member of the Appraisal Institute.

This condo project known as World Tour or Grande Villas at World Tour is built adjacent to River Oaks golf course, about a mile from Highway 501. The project has about 200 units with some efficiency units but mostly comprised of 2- and 3-bedroom units ranging in price from about $70K to $130K with an average of around $100K. Most units were built around 2006.

Subject unit is a top floor unit with golf course view in a building with an elevator.

Besides the closed sales listed below, currently in MLS, the lowest priced active listing is priced at $119,000 (MLS #1211179).

Ocean Dunes Tower I (and the adjacent Tower II) are east of Ocean Boulevard and within about 1,000 feet of the ocean. More or less, they are part of the Ocean Dunes resort complex. Ocean Dunes is an oceanfront condotel (condo project operated as a hotel with front desk, concierge, conference facilities, pools, restaurants, and all the amenities typically found at a large hotel). Units in Ocean Dunes Towers I and II are typically rented through Ocean Dunes Resort. Financing on condotels is limited.

Located on the north end of the City of Myrtle Beach, an area less commercialized than the south end of Myrtle Beach.

The subject unit is on a a high enough floor to have an ocean view. All the sales we found and listed below are similar in floor plan and also have an ocean view.

Like most condos, we have the subject floor plan and can email it to you upon request (no charge).

Located off Highway 544, aka Dick Pond Road, west of Bypass Highway 17 on the south end of Myrtle Beach, outside City limits. Most homes in Glenmere were built between 1991 and 2000. Average size 1400 to 2000 SqFt with 3 BRs and 2 baths. Average price: $150,000.

**Realtor did not list tax map number. Based upon our research, we believe the tax ID is 185-20-01-166, but this needs confirmation.

Subject is located in Quail Creek subdivision, an established neighborhood built around Quail Creek Golf Course. Most homes were built in the 1980s. This property has a pool, but reportedly, it needs repairs. Agent stated the interior has new paint and carpet.

We found only one recent similar sale from Quail Creek (listed below). Also, currently in MLS, the next lowest priced property is listed at $249,900 (MLS # 1114770).

Horry County released the number of residential new construction permits issued for the month of September 2012. Permits are up 76% over September 2011. In August 2012, permits were up 89% over 2011. In July 2012, residential new construction building permits increased 44% over July 2011. For the quarter, residential new construction building permits are up an average of 70% over the same quarter in 2011.

Residential New Construction Building Permits

Source: Horry County Code Enforcement

Year-over-Year, Month-by-Month Increase /(Decrease)

While it’s too early to get accurate closed sales in September, we can compare active listings of both single family homes and condominiums. On September 30, 2012, MLS had a combined total of 9,907 single family and condo active listings compared to 10,694 in the same month last year, representing a 7% decline in year-over-year active listings.

Between August 31, 2012 and September 30, 2012, active listings declined by 1% from 10,025 in August to 9,907 in September.

As of September 30, 2012, active listings are down 2% from July 31, 2012, when the combined total was 10,096.

Kay Van Hoesen is founder, senior appraiser and owner of Certifax, Inc., real estate appraisers in Myrtle Beach, specializing in condominium appraisals and single family home appraisals. With local appraisal experience since 1986, she and her staff have developed more than 35,000 appraisals for 3,400 clients.

Kay is a state certified residential real estate appraiser in both South Carolina and North Carolina as well as FHA-approved. Additionally, she is a licensed real estate broker in S.C., a participating member of the National Association of Realtors, the Coastal Carolinas Assn. of Realtors, and an Associate Member of the Appraisal Institute.

Heron Lake Village, built in the late 1990s, is located within Tidewater Plantation, an established, security-gated, upscale community on the north end of the Grand Strand. Named “Best New Course” by both Golf Digest and Golf Magazine when it opened in 1990, it was also ranked in Golfweek’s Best Courses You Can Play in 2007. The biggest complaint most people have about Tidewater is the short but necessary drive along Little River Neck Road (with many rundown properties) before reaching the entrance to Tidewater Plantation. Once you’re within Tidewater, it’s like an oasis.

The subject is a lender-approved short sale and reportedly, the sale price has been approved by the mortgagee. Short sale transactions can often be lengthy, however, when it’s “bank approved” often the process moves along quickly.

The subject unit overlooks the golf course and a small lake. If you’re interested, we can email you the floor plan.

Located off Forestbrook Road running between Highways 501 and 544, Turtle Cove contains about 150 single-family lots. Good appeal to families, first-time buyers and retirees. Most homes constructed between 2006 and 2012 and average 1300 to 2500 SqFt with 3- and 4-bedrooms. Prices range between $120,000 and $200,000 with the average at $163,000.

Important Note: This is a lender-approved short sale. The listing agent stated the lender approved a sale price of $130,000. However, he said they realize they may not be able to sell it for $130K and the listing agent believes they will entertain a lower offer. The listing agent stated his firm specializes in short sales and has a 94.6% success rate in selling short-sale properties. Short sales often take weeks to close; other times, the close quickly.

Yacht Club Villas is one of many condo projects and single-family home subdivisions located within Barefoot Resort, a 2300-acre community adjacent to and west of the Intracoastal Waterway, directly across from Barefoot Landing, a large shopping and dining destination for visitors and locals.

Barefort Resort has its own private residence clubhouse with pool, tennis court, exercise room, kids’ play ground and picnic area. The community also has an oceanfront cabana as well as complimentary shuttle service to all points within Barefoot during high season.

Barefoot is built around four world-class golf courses and has bike trails and walking paths.

Bear in mind the main access to Barefoot Resort is across a swing bridge, so when driving places, you need to allow time just in case the bridge is open for boat traffic. This past winter, the bridge was inaccessible for about two months for maintenance. During that time, access to Barefoot was via a service road near Highway 31, slightly inconveniencing owners and visitors to the community.

This property is in an established single family neighborhood built around Tom Jackson-designed Carolina Shores Golf Course, built in 1974. Located only about a mile north of the NC/SC state line, good appeal to retirees and first-time home buyers. The community has approximately 1,200 single family lots and about 1,000 completed and occupied homes. Annual HOA dues are around $220. Amenities include a swimming pool, tennis court, and clubhouse.

This is a lender approved short sale. Normally we don’t list short sales because they’re typically difficult to close, it’s usually a long, drawn-out process, and one never knows what price the mortgagee will accept. However, in this case the listing agent stated the bank has approved this price.

Edgewater is one of many condo projects and single-family home subdivisions located within Barefoot Resort, a 2300-acre community adjacent to and west of the Intracoastal Waterway, directly across from Barefoot Landing, a large shopping and dining destination for visitors and locals.

Barefort Resort has its own private residence clubhouse with pool, tennis court, exercise room, kids’ play ground and picnic area. The community also has an oceanfront cabana as well as complimentary shuttle service to all points within Barefoot during high season.

Barefoot is built around four world-class golf courses and has bike trails and walking paths.

Bear in mind the main access to Barefoot Resort is across a swing bridge, so when driving places, you need to allow time just in case the bridge is open for boat traffic. This past winter, the bridge was inaccessible for about two months for maintenance. During that time, access to Barefoot was via a service road near Highway 31, slightly inconveniencing owners and visitors to the community.

The subject is a 4-BR golf-course-view unit. All the other 4-BR sales found were Waterway view units with superior view value. So bear in mind when you look at the sales shown below, some of them had superior waterway views and some of them were furnished.

The subject is a townhouse-style condo. There are no units above or below you, and it feels like a townhouse, but you don’t own the land. Legally, it’s a horizontal property regime. You own the space between the walls. The project has approx. 276 TH-style units. We found only three recent 3-BR sales, priced between $107,500 and $125,000. The sale at $107,500 is most like the subject in that it’s a two-story property.

Currently in MLS, the next lowest priced 3-BR unit at Park West is priced at $119,750 (MLS #1207594)

Kingston Plantation is an established, upscale, 145-acre gated oceanfront community. All condos. No single family homes. Within Kingston, the oceanfront is lined with highrise condo projects and an Embassy Suites Hotel. Elsewhere within Kingston Plantation are fresh-water lakes and lowrise condominiums. Kingston Plantation is located between Myrtle Beach and North Myrtle Beach, about a 20-minute drive from the airport.

The villas in Richmond Park are very similar and almost identical to the villas in St. James Park and West Hyde Park (both also in Kingston Plantation).

We found only two recent 1-bedroom sales with an average sale price of $141,500. Besides the subject property, another 1-bedroom is listed for sale at $129,900 (MLS # 1206109).

The overall median sales price of condos and single family homes has increased 7% from $136,000 in August 2011 to $145,000 in August 2012. Breaking it down even further, you can see how the median sales prices have been stable to increasing for every price point over the entire year.

3. Number of Properties Sold:

Year-over-year sales of single family homes and condos have surged every month over the last four months. Notably, in the last two months, single-family sales have experienced double-digit increases at 23% and 15%, and in the last last month, condo sales increased 22%.

4. Days on Market (DOM):

A six-month supply is considered balanced inventory. Among all the single-family and condo sales over the last year, the median days on market of sold properties ranged from only 119 days to 143 days, or between four and five months.

Clearly there are properties on the market that have been listed much longer, but they’re overpriced, and thus they don’t sell. Among reasonably-priced listings that attract buyers, the DOM–the time it takes to sell–is fewer than six months.

Every single one of these indicators points to an improving market. If you’ve been sitting on the sidelines, waiting for the lowest possible price, you’d better get busy, because prices are inching up, and the “steals” are disappearing.

Kay Van Hoesen is founder, senior appraiser and owner of Certifax, Inc., real estate appraisers in Myrtle Beach, with local appraisal experience since 1986. Together, she and her staff have developed more than 35,000 appraisals for 3,400 clients.

Kay is a state certified residential real estate appraiser in both South Carolina and North Carolina as well as FHA-approved. Additionally, she is a licensed real estate broker in S.C., a participating member of the National Association of Realtors, the Coastal Carolinas Assn. of Realtors, and an Associate Member of the Appraisal Institute.

]]>Myrtle Beach Real Estate Recovery: Four Indicators Say Bottom Reachedhttps://certifaxappraisals.com/myrtle-beach-real-estate-recovery-four-indicators-say-buy-now/
Wed, 26 Sep 2012 20:59:19 +0000http://certifaxappraisals.com/?p=8968If you’re in the housing sector, you know the nation’s abuzz with optimism about a real estate recovery. But what about the local, Myrtle Beach market? We’ll get to that in a minute.

In yesterday’s release of the S&P/Case Shiller composite index, David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices stated, “Home prices increased again in July,” and “All 20 cities and both Composites were up on the month for the third time in a row. Even better, 16 of the 20 cities and both Composites rose over the last year.”

And Wall Street is bullish on housing. Last week in Wall Street Daily, Chief Investment Strategist Louis Basenese said, ” Therecovery should pick up steam in the coming months.”

That’s not all. Goldman Sachs released this list of housing’s positives:

So maybe Warren Buffett wasn’t off-base back in February when he said he’d buy up “a couple hundred thousand” single family homes if it were practical to do so.

Okay, on the national level, everybody’s bullish on houses, but what about Myrtle Beach?

Back on July 8, after the Sun News posted a story about recent price declines in the local market, I countered with documentation showing that five price points had actually increased over the prior year (one by 9%), one remained unchanged, and only two decreased (marginally).

I concluded that the Myrtle Beach real estate market was poised for a rebound, and I received a flood of emails saying I was dead wrong. Dozens of people unsubscribed from my newsletter. And one locally-respected analyst insisted, “We’re still going to see declining prices because of all the foreclosure shadow inventory.”

Now, almost three months later, those same naysayers are changing their tune. That same analyst? She’s now back-stroking, saying how good it is to see recovering prices. And a few days ago, the Sun News shared this positive post: “The median price of homes and condos sold in [in August] jumped 8.3%.” And “The number of homes and condos sold … rose 12.1% … in August.”

Everything’s pointing to upward momentum. For those of you who need proof, I have it. (All data derived from CCAR MLS.)

1. Improving Sales-to-Listings Ratios

As evidenced by these graphs, every year since 2009, the cavernous gap between available inventory and closed sales has been closing. Today, on average, 84% of listings are sold compared to a pathetic 45% in 2009.

Four Years Ago (year ended August 31, 2009) …

Out of 6,221 single family listings, there were only 3,221 sales, a sales-to-listing ratio of 52%.

Out of 6,501 condo listings, there were only 2,530 sales, a sales-to-listing ratio of 39%.

Today (year ended August 31, 2012) …

Out of 5,495 single family listings, there have been 4,685 sales, a sales-to-listing ratio of 85%.

Out of 4,530 condo listings, there have been 3,744 sales, a sales-to-listing ratio of 83%.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Colonial Greens is one of several condo projects within the Colonial Charters golf course community. This condo project dates back to the early 1990s. Colonial Charters is on the North End of the Grand Strand off Highway 9. About a 25-minute easy drive to the airport via Highway 31. 15-minute drive to the beach.

Indigo Creek is on the south end of the Grand Strand located just west of ByPass Highway 17. The subdivision, built around Willard Byrd-design Indigo Creek Golf Club, was started in the mid-1980s. Most homes range in size from 1200 SqFt to 2700 SqFt with 2-, 3-, or 4-bedrooms. Prices range from $135,000 to $275,000, with the average price around $175,000.

Currently in MLS, the next lowest priced 3-BR house is listed at $183,500 (MLS # 1212902).

Seawatch Plantation is a 10-acre resort with three buildings and hundreds of condos (efficiencies to 3-bedroom units) appealing to second home and investor buyers. This project is operated as a hotel by Wyndham Resorts with a front desk, conference facilities, 5 outdoor pools, 2 indoor pools, lazy river, restaurants, and all the amenities typically found at a large hotel.

Seawatch is along one of the nicest stretches of beach with Kingston Plantation, an upscale resort, a half-mile or so to the south and 2-miles of protected, undeveloped beach to the north. It’s close to outlet-mall shopping, an indoor shopping mall, movie theaters and numerous tourist attractions. This is outside the city limits, halfway between Myrtle Beach and North Myrtle Beach

Currently in MLS, the next lowest priced 2-BR unit in Seawatch (omitting short-sale listings with prices that often the banks don’t agree to) is priced at $199,900 (MLS # 1212748).

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Ocean Dunes Tower I (and the adjacent Tower II) are east of Ocean Boulevard and within about 1,000 feet of the ocean. More or less, they are part of the Ocean Dunes resort complex. Ocean Dunes is an oceanfront condotel (condo project operated as a hotel with front desk, concierge, conference facilities, pools, restaurants, and all the amenities typically found at a large hotel). Units in Ocean Dunes Towers I and II are typically rented through Ocean Dunes Resort. Financing on condotels is limited.

Located on the north end of the City of Myrtle Beach, an area less commercialized than the south end of Myrtle Beach.

The subject unit is on a low floor and has no ocean view. All the sales we found and listed below are similar in floor plan and also lack an ocean view.

Like most condos, we have the subject floor plan and can email it to you upon request (no charge).

Currently in MLS, the next lowest priced active listing in either Tower I or Tower II is priced at $64,900 (omitting short-sale listings with prices that often the banks don’t agree to).

This condo project known as The Fairways at River Oaks is built adjacent to River Oaks golf course, about a mile from Highway 501. Built in the early 2000s, the project has a mix of 1-, 2- and 3-bedroom units with prices ranging from about $32,000 to $100,000 — average price around $63,000.

Carolina Village, built in the mid-1980s, is within walking distance of Coastal Carolina University and is popular for student rentals. There’s steady demand for student housing, and you can list your rental with the CCU housing coordinator. Mostly 2- and 3-BR units in Carolina Village. Currently in MLS, no other units are listed for sale.

Cobblestone Condominiums are in central Myrtle Beach between Bypass and Business Highway 17 on the corner of Grissom Parkway and 48th Avenue North. The project, built around 1984, consists entirely of 104 one-bedroom units. Most units are either rented annually or primary-home occupied.

The HOA dues are $205 per month and include insurance and water & sewer to the unit. This would make a good rental property.

As with most condos, we have the floor plan and can email it to you if you’re interested (no charge).

Currently in MLS, the next lowest priced active unit is a bank-owned condo listed at $41,500 (MLS # 1212931).

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Built adjacent to Cypress Bay Golf Course, between North Myrtle Beach and the SC/NC state line. 5 minutes from Intracoastal Waterway and numerous marinas.

Among the last six sales of 2- and 3-BR units in the subject project, all but one were 2-BR units with prices ranging from $77,000 to $99,900. Only one 3-BR sold recently; it was a bank-owned property and sold for $80,000. Currently in MLS, the lowest priced 2-BR active is listed for $76,500. The lowest priced 3-BR active is listed for $89,500.

Reportedly, this unit was tenant-occupied. The listing agent stated this property is owned by Fannie Mae, and it’s likely they’ll take it off the market to repaint and install new carpeting.

Magnolia North is centrally located off Bypass Highway 17 across from 48th Avenue North. It’s built adjacent to Myrtlewood Golf Course and the subject, a first-floor unit, has a golf course and pool view. Built between 1997 and 2006, this rambling project has 365 units, a mix of 1-, 2- and 3-bedroom condos with prices ranging from $55,000 to $150,000 and the average price around $100K.

Currently in MLS, the next lowest priced active 2-BR is listed at $95,900 (MLS # 1212623).

This is a lender approved short sale. Normally we don’t list short sales because they’re typically difficult to close, it’s usually a long, drawn-out process, and one never knows what price the mortgagee will accept. However, in this case the listing agent stated the bank had previously approved a sale price of $79,900 for another buyer, so she feels relatively confident about this price.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Built adjacent to Cypress Bay Golf Course, between North Myrtle Beach and the SC/NC state line. 5 minutes from Intracoastal Waterway and numerous marinas. This unit overlooks Cypress Bay Golf Course. Good property for primary-home occupancy, use as a second home (and to rent seasonally when you’re not using it), or to rent on an annual basis.

You’ll find three separate homeowners associations within this development that contains, among the three HOAs, approximately 300 1- or 2-bedroom units.

Like most condos, we have the subject floor plan and can email it to you upon request (no charge).

Currently in MLS, after the subject property, the lowest priced 1-BR listing is priced at $47,900 (MLS #1209205).

Clubhouse Villas, built in the late 1990s, is located within Tidewater Plantation, an established, security-gated, upscale community on the north end of the Grand Strand. Named “Best New Course” by both Golf Digest and Golf Magazine when it opened in 1990, it was also ranked in Golfweek’s Best Courses You Can Play in 2007. The biggest complaint most people have about Tidewater is the short but necessary drive along Little River Neck Road (with many rundown properties) before reaching the entrance to Tidewater Plantation. Once you’re within Tidewater, it’s like an oasis.

The subject unit overlooks the golfcourse. If you’re interested, we can email you the floor plan. Besides the 2-BR sales shown below, the most recent sale we found in Clubhouse Villas was a 3-BR, 3-bath unit for $160,000 on 7/29/2011.

Reportedly, the HOA is involved in ongoing litigation. The specifics are unknown, but you can get details from the HOA property manager, Kendall Benjamin, at Chicora (843-272-8700). As a result of this litigation, most traditional mortgage lenders will not finance loans in this project until it’s resolved.

Yes, it’s true, developers have slashed their prices, in some cases by up to 50% off market highs, but that does not mean the property is priced below the current market. You’ve got to look at both resales (resales is the operative word … more about that later) and also competing active inventory.

Not long ago, we appraised a developer closeout unit. The buyers thought they were getting a great deal, because their $308,000 contract price was $92,000 and $107,000 below the last two developer sales.

But it was overpriced by $70,000! Resales were listed and selling at $210,000 to $240,000.

If that couple paid $308,000, in order to resell, they’d have to drop their price by a minimum of $70,000. That’s a huge loss.

Sadly, many cash buyers, who are not mandated by a lender to get an appraisal, have no clue about resale prices and active competition.

I cannot stress enough the importance of hiring a knowledgeable, savvy, experienced appraiser to at least confirm you’re not overpaying. You don’t need a full-blown appraisal to get an unbiased value conclusion from an independent appraiser. Many appraisers will grid up sales for a reduced fee, as we did for this investor from Washington, D.C.

Not all developer closeouts are overpriced. Some truly are below the market. As with any investment, you’ve got to exercise due diligence to make sure you’re not throwing away your money.

Kay Van Hoesen is founder, senior appraiser and owner of Certifax, Inc. with local appraisal experience since 1986. Together, she and her staff have developed more than 35,000 appraisals for over 3,400 clients.

Kay is a state certified residential real estate appraiser in both South Carolina and North Carolina as well as FHA-approved. Additionally, she is a licensed real estate broker in South Carolina, a participating member of the National Association of Realtors, the Coastal Carolinas Association of Realtors, and an Associate Member of the prestigious Appraisal Institute.

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Every day the trusted experts at Certifax scour the market, analyze and report the best real estate bargains

Yesterday I stumbled on a two-bedroom, one-and-a-half-bath townhouse-style condo, with a fireplace, listed for sale for under $39,000. It’s an awesome deal. Two similar units just sold for $51,000 and $54,000. And the lowest priced competing active listing is priced at $64,900.

It’s in a good area of Myrtle Beach, a two-minute drive to the beach, and close to everything. The project has a pool. This represents outstanding value in Myrtle Beach real estate.

MLS, the multiple listing service, has strict rules that prevent me from “advertising” an agent’s listing, so I can’t give you the details here. But if you’re interested in this listing, please reach out to me, and I’ll be glad to share this with you.

Kay Van Hoesen is founder, senior appraiser and owner of Certifax, Inc. with local appraisal experience since 1986. Together, she and her staff have completed more than 35,000 appraisals for over 3,400 clients.

Kay is a state certified residential real estate appraiser in both South Carolina and North Carolina as well as FHA-approved. Additionally, she is a licensed real estate broker in South Carolina, a participating member of the National Association of Realtors, the Coastal Carolinas Association of Realtors, and an Associate Member of the prestigious Appraisal Institute.

_____________________

Every day the trusted experts at Certifax scour the market, analyze and report the best real estate bargains

Subject is located in Myrtle Trace, an age-restricted community (55+). Home is 28 years old and cosmetically dated, though listing agent believes it’s structurally sound, estimating cost to update kitchen, flooring, windows, doors, etc., at between $30K and $40K. Historically, Myrtle Trace properties adjacent water have commanded substantial premiums. The subject has a one-car garage.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Colony Club is a townhouse-style condo project with 43 units (all the same floor plan) and a swimming pool. You own the space between the walls, but there’s no one above or below you. This neighborhood is on the north end of Myrtle Beach between Bypass and Business Highways 17. This section of Myrtle Beach has a high concentration of annual renters. Colony Club also probably has several long-term renters.

Currently in MLS, this is the only unit listed for sale in Colony Club, and as you can see, it’s priced well under recent sales. Also worth noting is across the street is another townhouse-style condo project called Williamsburg Landing. Like Colony Club, Williamsburg Landing units have 2-bedrooms, 1.5 baths, similar floor plans and square footage. The last Williamsburg Landing unit to sell in MLS was unit A-6 on 5/15/2012 for $55,900 (MLS #1204543). Currently in MLS, the lowest priced active listing in Williamsburg Landing is priced at $64,900 (MLS #1210421).

Priced at only $37,500, the subject is 28% below recent sales in Colony Club.

Windsor Green condominium project at Waterford Plantation is built adjacent to The Wizard and Man-O-War golf courses off Highway 501. Between Myrtle Beach and Conway. Located only a few miles from a hospital, technical college and from CCU (Coastal Carolina University). Good appeal for primary and second-home use.

Seawatch Plantation is a 10-acre resort with three buildings and hundreds of condos (efficiencies to 3-bedroom units) appealing to second home and investor buyers. This project is operated as a hotel by Wyndham Resorts with a front desk, conference facilities, 5 outdoor pools, 2 indoor pools, lazy river, restaurants, and all the amenities typically found at a large hotel.

Seawatch is along one of the nicest stretches of beach with Kingston Plantation, an upscale resort, a half-mile or so to the south and 2-miles of protected, undeveloped beach to the north. It’s close to outlet-mall shopping, an indoor shopping mall, movie theaters and numerous tourist attractions. This is outside the city limits, halfway between Myrtle Beach and North Myrtle Beach

Currently in MLS, the next lowest priced 1-BR unit in Seawatch (omitting short-sale listings with prices that often the banks don’t agree to) is priced at $89,000 (MLS # 1204407).

Island Green, built around Island Green Golf Course, is a fairly large (hundreds of acres) housing community started in the 1980s with numerous small sections and varying styles including condos and detached single family homes. The community has indoor and outdoor pools and an amenity center with fitness room. Located about a 20-minute drive from the beach.

Currently in MLS, the next lowest-priced 3-BR is listed at $139,900 (MLS # 1002928).

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Located on the south end of the Grand Strand and west of Bypass Highway 17, Villas at International Club consists of 2-, 3- and 4-BR condos ranging in size from 1100 SqFt to 2400 SqFt with prices ranging from about $70,000 to $170,000 and an average price of about $110,000. Good appeal to primary homeowners.

The subject is a 4-BR, 3-bath unit. The only recent 4-BR sale we found closed in December 2011 for $168,000 (at $72 per SqFt). We found four recent sales of 3-BR units ranging in price from $68 per SqFt to $94 per SqFt.

At $68 per SqFt, the lowest price-per-square-foot of all the sales, the subject, with 2325 SqFt, would have a sale price of $158,100. It’s listed at $129,000, $28,900 less. Currently, no other 4-BR units are listed for sale, and the lowest priced active of a 3-BR unit (excluding “potential short-sale” listings) is priced at $184,500 (MLS # 1203966).

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

The subject condo is a first floor unit in Sterling Village II (which is adjacent to two separate but similar condo projects; i.e., Sterling Village I and Sterling Village III). All three projects have identical floor plans — either 2 BR/1.5 bath first floor units or second floor loft-style 1-BR units.

Noteworthy is the subject is near an area known to have ground water contamination. The S.C. Dept. of Health and Environmental Control is investigating the release of hazardous substances from the AVX Corporation’s Myrtle Beach plant (within a half mile of the subject). You can read more about the contamination and possible hazards on the DHEC site HERE.

We found four sales of similar first floor 2-BR units with an average sale price of $43,875. Currently, the lowest active listing in MLS (after the subject) is priced at $49,900 (MLS #1115361).

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Island Green is a fairly large (hundreds of acres) housing community started in the 1980s with numerous small sections and different styles including detached homes and condos. The community has indoor and outdoor pools and an amenity center with fitness room, and it’s built around Island Green Golf Course. Located about a 20-minute drive from the beach.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Shorewood condominium project has about 144 2- and 3-BR units. Many of the units overlook Myrtlewood Golf Course. The project has an outdoor pool.

Currently in MLS, the next lowest priced active 2-BR with a golf course view is listed at $47,900 (MLS # 1212305 – bank owned).

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

The Preserve S/D has about 140 homes and a community pool (optional membership in pool). Most homes were built between 1989 and 1995 and have 3-BRs, 2 baths, 2-car garage with GLA (heated square footage) between 1200 and 2000. Prices range from around $90K for a 2-BR home to about $170K with an average price of around $130,000.

Popular S/D among retirees and first-time home buyers.

The above photo is typical of homes in the neighborhood. The actual subject photos are shown below.

After the subject listing, the next lowest priced 3-BR is listed at $134,750 (MLS # 1201195).

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

This condo project known as River Oaks is built adjacent to River Oaks golf course, about a mile from Highway 501. The project has about 387 1- and 2-BR units. Additionally, it’s next to another sprawling condo project, River Oaks II, which has approx. 270 units. Many of these units have annual and seasonal tenants.

This is a ground floor unit (no stairs to climb; no elevator in project)

If you’re interested in this unit, we have the floor plan and can email it to you.

Carolina Dunes, built 1984, is a seven-story, oceanfront, 32-unit project in the Cherry Grove section of North Myrtle Beach. Most units have two or three bedrooms. Compared to newer oceanfront highrise projects, the amenities are limited with only an outdoor pool. The HOA contact: White Realty: 843-272-6115.

We found only one recent sale from the subject project, a bank-owned 2-BR which sold for $125,000. Currently in MLS, the next lowest priced unit at the subject is a 2-BR priced at $150,000 (MLS # 1112740).

We have measured and have on file this floor plan. If you’re interested in this property, let us know, and we can email you the floor plan.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

This condo project was started around 2007, right after the market collapsed. It consists of 60 units; the developer still owns 16 units. Originally, the developer priced 3-bedroom units at more than $400K. Now the developer has them priced at $260K. Many people who bought at over $400K prices have gone into foreclosure.

This listing is the lowest price we’ve seen in the project; it’s bank-owned. On June 28th, a similar bank-owned 3-BR unit sold for $208,000. Prior to that, a 3-BR resale unit sold for $277,000 on August 5, 2011. Currently in MLS, the next lowest priced active 3-BR is also a bank-owned property with a list price of $182,000 (MLS # 1203328).

This is a townhouse-style condo. No one is above or below you, but you do not own the land; you own the space between the walls. This project, started around 1974, has 76 units (2-, 3-, and 4-bedroom units) and an outdoor pool. Originally built adjacent to a golf course, during the building boom, the course was sold with plans to develop residential housing. With the market’s collapse, those plans have been abandoned. The subject backs up to an overgrown field that was formerly golf course.

This is a lender-approved short sale. The lender has approved the list price. The current owner is approximately $8,600 behind in HOA dues. Any buyer may need a substantial outlay for HOA dues. On the other hand, the listing agent indicated the HOA has a agreed to a payoff on the delinquent HOA dues if they can get an offer soon, and the listing agent further stated a buyer would NOT have to pay delinquent dues as the seller has secured funds to do so.

The most recent 3- and 4-BR sales at BayTree I are shown below. Currently in MLS, after the subject, the next lowest priced 4-BR is listed at $89,900 (MLS # 909245). The average sale price is $81,000. Figuring the subject is about $11,000 inferior to these sales ($8,600 in HOA possible dues plus needed paint and carpeting), the disparity between the subject and these four sales is estimated at $18,600 or 27% under market.

If you’re interested in this unit, we have the floor plan and can email it to you.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

The subject is a townhouse-style condo built by Beazer Homes. There are no units above or below you, and it feels like a townhouse, but you don’t own the land. Legally, it’s a horizontal property regime. You own the space between the walls. The project has approx. 276 similar TH-style units. We found only two recent 2-BR sales, priced at $90,000 and $79,000. We found several recent 3-BR sales, all well over $100K.

Currently in MLS, the next lowest priced 2-BR unit at Park West is priced at $95,000 (MLS #1117050)

Shalimar, built 1987, is a nine-story, oceanfront, 24-unit project in the Cherry Grove section of North Myrtle Beach. Most units have two or three bedrooms. Compared to newer oceanfront highrise projects, the amenities are limited with only an outdoor pool. The HOA contact: Nancy Reynolds: 843-399-5934.

We found no recent sales from the subject project. The two most recent sales occurred in 2011: Unit #7-A, a 3-BR oceanfront unit with a slightly superior view sold for $260,000 on 3/8/2011. Unit # 6-C, a bank-owned unit virtually identical to the subject in floor plan and view, sold 4/20/2011 for $194,900. Currently in MLS, only one unit is listed for sale. It is unit #7-C, listed for $169,900 (MLS # 1207022). However, it’s a “potential short sale” meaning the bank may never accept the list price that has been put on this property.

We have measured and have on file this floor plan. If you’re interested in this property, let us know, and we can email you the floor plan.

**Earlier this year, this property was sold for $290,000 by the Master in Equity to an investor at the Courthouse foreclosure auction. The listing has had numerous price changes. It started out at $399,900 on June 9. After a price drop on July 6 to $379,900, the price dropped again on August 23 to $359,900. On September 5, the price was raised back to $379,900. On 9/18/12, the price was raised again to $409,900. On 9/20/12, the price was reduced again to $379,900. There’s no telling why this seller/agent has changed the price so frequently; sometimes agents will frequently change the price so a property will show up on the “hot list”. Even though the price is now listed higher than the $359,900 low, it’s possible the seller would still entertain an offer close to or even below the lowest listed price of $359,900.

Leatherleaf is one of many subdivisions located within Barefoot Resort, a 2300-acre community adjacent to and west of the Intracoastal Waterway, directly across from Barefoot Landing, a large shopping and dining destination for visitors and locals.

Barefort Resort has its own private residence clubhouse with pool, tennis court, exercise room, kids’ play ground and picnic area. The community also has an oceanfront cabana as well as complimentary shuttle service to all points within Barefoot during high season.

Barefoot is built around four world-class golf courses and has bike trails and walking paths.

Bear in mind the main access to Barefoot Resort is across a swing bridge, so when driving places, you need to allow time just in case the bridge is open for boat traffic. This past winter, the bridge was inaccessible for about two months for maintenance. During that time, access to Barefoot was via a service road near Highway 31, slightly inconveniencing owners and visitors to the community.

Currently in MLS, the lowest priced active listing after the subject property is MLS #1214343, 4BR/4.5 bath, 3350 GLA priced at $499,900.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

The subject is a townhouse-style condo. There are no units above or below you, and it feels like a townhouse, but you don’t own the land. Legally, it’s a horizontal property regime. You own the space between the walls. The project has approx. 60 similar TH-style units. We could find only one sale in 2012 within Wynbrooke; 802 Watford Place (listed below). It’s very similar to the subject and sold for $198,900 ($39K more than the subject’s list price). A stone’s throw from the subject is a brand new competing TH-style project called Parmelee. New 3-BR units here have been selling between $165K and $180K (although they’re about 400 SqFt smaller).

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Master’s Place consists of approx. 42 townhouse-style condos located within the much larger golf course community of Pawleys Plantation. Located on the south end of the Grand Strand, an area prized for its lack of billboards and neon lights, the area has a laid-back, shabby-chic, expensive feel. Everybody loves this end of the Grand Strand except for the traffic issue. There’s only one way in-and-out; via business Highway 17, and sometimes Highway 17 can be chock-a-block with cars and slow moving.

Master’s Place was started approx. 1998. The subject unit was built in 1999 and backs to a golf course view.

Three units sold in 2012 with an average sale price of $223,700. Currently in MLS, the lowest priced listing, after the subject, is priced at $265,000 (MLS #1117877, Unit # 15-2, 3 BRs, 2baths).

Carolina Woods S/D appeals mainly to primary home owners. Located on the south end of the Grand Strand, west of Bypass Highway 17, most homes were built between 2010 and 2012, have about 1100 to 1600 SqFt with an average price range from $127,000 to $180,000. S/D contains approx. 150 building lots.

The subject house, with 2,350 SqFt, is overbuilt for the neighborhood, and the surplus square footage contributes little, if any, value. The market would likely only pay for 1900 SqFt. Based upon the sales shown below, the lowest price per SqFt is $92. The subject is listed at $64 per SqFt. Assuming the subject market will support a price of $92 per SqFt on 1900 GLA, the subject’s sale price should be $174,800. In speaking with the listing agent, she said there’s nothing wrong with this house. It’s simply overbuilt for the neighborhood. At $64 a SqFt, this appears to be a great buying opportunity, especially for someone who wants to rent the house to tenants.

Currently in MLS, next to the subject, the lowest priced listing in Carolina Woods is a 3-BR, 2-bath, 1250 SqFt home listed at $137,000, $109 per SqFt (MLS # 1210189).

The photo shown above is representative of homes in the neighborhood. Actual subject photos are shown below.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Salters Cove, the subject S/D, is located on the south end of the Grand Strand between Surfside Beach and Garden City. Good appeal to vacation-home owners, retirees and primary-home owners. Mixed styles in this S/D including raised beach houses, patio-style homes like the subject, traditional ranch style houses with 2-car garages.

Most homes were built between the mid-1980s and mid-1990s. Average size: 1100 to 1600 SqFt. Average price range: $115,000 to $270,000.

Located off Bypass Highway 17 between Highway 544 and Glens Bay Road (south end). Mostly five to ten-year-old, 3- and 4-bedroom houses with 1500 to 2200 square feet. Prices range from about $120K to $250K with an average of around $175K.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Covington Lake (approx. 150 homesites) is one of dozens of planned developments within an area known as Carolina Forest. Carolina Forest, in unincorporated Horry County, was carved out of 12,000 acres of timberland in the mid-1990s. West of and adjacent to the Intracoastal Waterway, it is bordered by Highway 501 and International Drive. Pros: Carolina Forest is close to everything — ten minutes to beaches, downtown Myrtle Beach and the airport. Plus, it has a sought-after school district. Con: Some 15,000 people use the main road through Carolina Forest, connecting Highway 501 and International Drive, and until it’s widened to four lanes, you can expect it to be slow going and congested during rush hour.

The subject house was built in 2001. The photo shown above is representative of the neighborhood. Actual subject photos are shown below.

Three 3-BR homes sold in Covington Lake in 2012 (listed below), with an average sale price of $272,300, $90K more than the subject’s list price. They were all newer homes. Worth noting is the lowest priced 3-BR home in the subject S/D (after the subject) is 2369 Clandon Drive (MLS #1205508); it was built in 1997, has 300 SqFt less than the subject, and is listed at $199,000, $16,700 more than the subject.

Kingston Plantation is an established, upscale, 145-acre gated oceanfront community. All condos. No single family homes. Within Kingston, the oceanfront is lined with highrise condo projects and an Embassy Suites Hotel. Elsewhere within Kingston Plantation are fresh-water lakes and lowrise condominiums. Kingston Plantation is located between Myrtle Beach and North Myrtle Beach, about a 20-minute drive from the airport.

Currently in MLS, after the subject, the next lowest priced 2-BR is priced at $149,000 (MLS # 1204532)

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Sand Dunes is operated as a hotel with front desk, concierge, conference facilities, pools, water park, restaurants, and all the amenities typically found at a large hotel.

Located on the north end of the City of Myrtle Beach, an area less commercialized than the south end of Myrtle Beach.

This is a lock-out condo; that is, you can lock-out one bedroom and bathroom and rent it separately as a hotel room with an efficiency kitchen. If you’re interested, we can email you the floor plan.

Currently in MLS, the next lowest priced 2-BR (omitting short-sale listings with prices that often the banks don’t agree to) is priced at $129,000 (MLS # 919704).

Latin meaning “suit pending;” a document alerting anyone who checks the property’s title that a lawsuit has been filed.

What is a Master-in-Equity?

“…a judge who has the power to decide certain cases without a jury. A Master-in-Equity typically handles cases involving real estate…” Source: S.C. Judicial Dept.

What is a Deficiency Judgment?

In a foreclosure transaction, the lender may ask for a deficiency judgment against the borrower, aka a personal judgment. It’s the difference between what the property sold for at the foreclosure sale and what is owed.

What can you expect in a foreclosure action? Detailed answers to these questions and more from the Supreme Court of South Carolina.

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Every month the trusted experts at Certifax scour the market, analyze and report the best real estate bargains

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Coral Beach was originally built as a hotel around 1986 and converted to condominiums around 2005. This project is operated as a hotel with a front desk, conference facilities, on-site restaurant, pool bar, sauna and steam rooms, indoor pool, guest laundry and bowling center.

Coral Beach is in a touristy section of Myrtle Beach with amusement parks nearby.

The subject is a foreclosure unit that apparently was closed up with no air conditioning for an extended period of time. Now there appears to be either mold or mildew in the unit. It may be necessary to remove and replace all furniture and interior finishes. Factor that into the cost of this property.

Currently in MLS, the next lowest priced 1-BR unit is priced at $75,889 (MLS #1205501).

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Kingston Plantation is an established, upscale, 145-acre gated oceanfront community. All condos. No single family homes. Within Kingston, the oceanfront is lined with highrise condo projects and an Embassy Suites Hotel. Elsewhere within Kingston Plantation are fresh-water lakes and lowrise condominiums. Kingston Plantation is located between Myrtle Beach and North Myrtle Beach, about a 20-minute drive from the airport.

We found no sales in Cumberland Terrance since October 2011. Currently in MLS, after the subject property, the lowest priced 2-BR is listed at $159,000 (MLS # 1111033).

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Heron Pointe is a 91-unit low-rise project with mostly 2-BR units located in the Lake Arrowhead/Shore Drive area, about halfway between the cities of Myrtle Beach and North Myrtle Beach. This is a popular tourist area and usually does well with seasonal rentals. The project has an outdoor pool, indoor pool, and small marshfront clubhouse. Most buildings have three floors, no elevators, and overlook other buildings.

This particular unit is special because (a) it has a marsh and golf course view, (b) it’s on the top floor in a building WITH an elevator, and (c) it has a loft space as well as 2 BRs.

Based upon the interior photos, this unit looks cosmetically dated.

We found only two recent sales in Heron Pointe. Unit F-5, shown below, also has a marsh view but no loft space. Unit D-10, sold in July for $114,000, is a walk-up unit with no marsh view. Currently in MLS, the next lowest priced listing is unit C-9 at $119,900–a third floor walk up with no elevator and no marsh view (MLS # 1210402)

Wachesaw Plantation East is a security-gated community appealing mainly to primary home and retiree buyers. Started in the mid-1990s and built on a 1200-acre rice plantation and designed around Wachesaw Plantation East golf course, amenities include swimming, tennis, bike and fitness trails.

Most homes have 3- or 4-bedrooms and range in square footage from around 1500 to 2300 GLA. The average price is around $230,000. If you’re interested, we have the floor plan on this house and can email it to you.

Located on the south end of the Grand Strand in an area known as the Waccamaw Neck, it’s close to Murrells Inlet with excellent seafood and fishing, and the Waccamaw Neck is prized for its preservation of trees and lack of billboards and commercialism. The drawback to this area is there’s only one way in and out; that is, all traffic must travel along Business Highway 17 which is often slow moving and backed up.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Island Green is a fairly large (hundreds of acres) housing community started in the 1980s with numerous small sections and different styles including detached homes and condos. The community has indoor and outdoor pools and an amenity center with fitness room, and it’s built around Island Green Golf Course. Located about a 20-minute drive from the beach.

This particular unit is on the second floor and has a golf course view. If you’re interested, we can email you the floor plan.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

This condo project known as River Oaks is built adjacent to River Oaks golf course, about a mile from Highway 501. The project has about 387 1- and 2-BR units. Additionally, it’s next to another sprawling condo project, River Oaks II, which has approx. 270 units. Many of these units have annual and seasonal tenants. It appears the subject unit does not overlook the golf course or even a green area. Take that into account when comparing this listing to sales of similar properties. If they had golf course views, clearly, people would pay more for a better view.

If you’re interested in this unit, we have the floor plan and can email it to you.

Southgate is one of dozens of planned developments within an area known as Carolina Forest. Carolina Forest, in unincorporated Horry County, was carved out of 12,000 acres of timberland in the mid-1990s. West of and adjacent to the Intracoastal Waterway, it is bordered by Highway 501 and International Drive. Most homes in Southgate were built between 2000 and 2005 and range from 1,200 to 1,800 GLA (heated square feet) with 3-bedrooms. Prices range from about $90K to $160K with an average price of around $120K.

Photo shown above is typical house in subject S/D. See below for actual subject photos.

Pros: Carolina Forest is close to everything; ten minutes to beaches, downtown Myrtle Beach and the airport. Plus, it has a sought-after school district.

Con: Some 15,000 people use the main road through Carolina Forest, connecting Highway 501 and International Drive, and until it’s widened to four lanes, you can expect it to be slow going and congested during rush hour.

This property was hand-picked for The Certifax Report. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Myrtle Beach Resort is a 33-acre gated oceanfront community on the south-end of the Grand Strand with four separate homeowners’ associations and vast recreational amenities for tourist vacationers. Within Myrtle Beach Resort you’ll find a lazy river, six swimming pools (two indoors), 4 whirlpools (three indoor and one outdoor), an exercise room, saunas, steam rooms, tennis courts (lighted for night play), basketball, volleyball, bocce ball, a children’s playground and 700′ of oceanfront beach. Also the resort has at least two on-site rental offices, and you can also rent your unit through various off-site rental companies.

The subject unit’s list price was just lowered today to $38,900. Not only is that $11,100 less than the lowest priced 2-BR sale in Five Seasons, but also it’s less than what the 1-BR Five Seasons units sell for. The last 1-BR sold 5/4/2012 for $44,000 (MLS # 1112828).

Currently in MLS, after the subject unit, the next lowest priced 2-BR in Five Seasons is listed for $57,500 (MLS # 827445).

The subject unit is located in the Five Season HOA, about a 5-minute walk to the beach. If you’re interested in this unit, we have the floor plan on file and can email it to you.

Mariners Cove, with 132 units, was built around 1984. It’s located in the Shore Drive/Lake Arrowhead Road area of unincorporated Myrtle Beach (between Myrtle Beach and North Myrtle Beach). The project is located across the street from the ocean, and many of the units, including this one, are directly on a saltwater tidal marsh across from Dunes Club golf course. The subject also has an oceanview in the distance.

By and large, these are modest units. They’re all 2-BR, 850 SqFt units. Some with 1.5 baths. Some with 2 full baths. These units were originally built with sheet paneling on interior walls and wall units for heating and cooling. Some of these units have been fixed up and are darling inside, and it’s amazing how much more the market will pay for these condos when they’re updated. For instance, among the two recent sales listed below, the one at $122,000 had been updated with attractive interior paint colors on walls, some tile upgrades and nice (but modest) furnishings, and it sold for 32% more than the lower priced unit which appeared in original condition. That doesn’t account for the entire price difference, but certainly some of it.

If you’re a person who enjoys renovating and decorating, this condo might be a great opportunity for you.

The condos at Mariners Cove are modular units. Some people frown on that concept, but in reality, they typically hold up well in high winds. They were built to withstand high winds when they traveled from the factory to the building site, and more or less they held up well after Hurricane Hugo.

We found only two recent sales in the subject project. After the subject, the next two lowest priced units are both priced at $99,900, and they both have views inferior to the subject (MLS # 1201849 and # 1103485).

This property was hand-picked for The Certifax Report. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Townhouse-style condo with approx. 48 units in project, community pool and poolhouse. There’s nobody above or below you, you have a garage, and it feels like a townhouse, but it’s actually a horizontal property regime (HPR); i.e., a condo. You own the space between the walls.

This townhouse project is adjacent to Arrowhead Golf course.

The subject unit is a 2-BR. We found recent sales of both two-bedroom & three-bedroom units. Thus, we analyzed the sales prices per square foot. The sales listed below have an average price per SqFt of $68.88. The subject is listed at $59.49 per SqFt.

This property was hand-picked for The Certifax Report. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Lightkeepers Village, started in the early 1990s, is adjacent to the Intracoastal Waterway and a marina in Little River, between North Myrtle Beach and the SC/NC State line. Lightkeepers Village has approx. 278 2-, 3- and 4-BR units (split between two separate HOAs) with good appeal to primary and second-home owners. If vacation home rentals are even allowed (the master deed may prohibit short-term rentals), seasonal rentals are few and far between.

The subject building overlooks a small pond. The subject unit is a 2-BR. Among condos with views similar to the subject (that is, no marina or Waterway views), we only found only one recent 2-BR sale; the rest were all sales of 3-BR units. Thus, we analyzed the sales prices per square foot. The sales listed below have an average price per SqFt of $96.42. The subject is listed at $77.95 per SqFt.

This property was hand-picked for The Certifax Report. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

This is locally called a “channel home” located in the Cherry Grove section of North Myrtle Beach. You’ll find a discussion about the need for dredging of channels at THIS LINK. Some of these channels are navigable at high tide. This channel is not. Access is all overgrown by the marsh. Nonetheless, it still is a salt-water tidal channel (rises/lowers with the tide) and you can fish in this channel.

Cherry Grove is a popular tourist section. Many of these channel homes are rented weekly. This property was built in 1979 and appears cosmetically dated. For some, it may be the perfect, laid-back fishing/beach house.

We found six channel-home sales. Like the subject, the one on 29th and the one on Nixon are not navigable. The others are likely navigable at high tide.

At $239,000, this is not a “steal”, but clearly it’s below the average price and currently in MLS, the next lowest priced channel home is priced at $289,900. If you wanted a channel home and didn’t mind a fixer-upper, this is probably worth considering.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

The subject condo is a first floor unit in Sterling Village II (which is adjacent to two separate but similar condo projects; i.e., Sterling Village I and Sterling Village III). All three projects have identical floor plans — either 2 BR/1.5 bath first floor units or second floor loft-style 1-BR units.

Noteworthy is the subject is near an area known to have ground water contamination. The S.C. Dept. of Health and Environmental Control is investigating the release of hazardous substances from the AVX Corporation’s Myrtle Beach plant (within a half mile of the subject). You can read more about the contamination and possible hazards on the DHEC site HERE.

We found four sales of similar first floor 2-BR units with an average sale price of $49,425. Currently, the lowest active listing in MLS (after the subject) is priced at $48,900 (MLS #1212125).

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

This condo project was started around 2007, right after the market collapsed. It consists of 60 units; the developer still owns 16 units. Originally, the developer priced 3-bedroom units at more than $400K. Now the developer has them priced at $260K. Many people who bought at over $400K prices have gone into foreclosure.

This listing is the lowest price we’ve seen in the project; it’s a foreclosure unit. On June 28th, a similar bank-owned 3-BR unit sold for $208,000. Prior to that, a 3-BR resale unit sold for $277,000 on August 5, 2011. Currently in MLS, the next lowest priced active 3-BR is listed at $210,000 (MLS #1207246).

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

River Hills S/D is built around River Hills golf course, halfway between North Myrtle Beach and the NC/SC state line and within about five minutes of the Intracoastal Waterway and several marinas.

Started around 1990, River Hills contains a mix of single-family styles with mostly 3- or 4-bedroom houses ranging in price from around $150,000 to around $500,000, with an average price around $225,000.

The subject property backs to River Hills golf course. The photo shown above is representative of similar homes in River Hills.Actual subject photos are shown below.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

In 1993, the former Myrtle Beach Air Force base closed, and since that time, the area has been redeveloped into an attractive, primary-home community known as Market Common with shops; restaurants; movie theaters; a Barnes & Noble bookstore; condo, townhouse and single family developments; a fabulous dog park; technical college; ball parks; and much more.

The former military-base housing was converted into detached and semi-detached condominiums known as Seagate Village. The subject property is one of those units. The photo shown above is typical of the neighborhood. Actual subject photos are shown below.

Built adjacent to Cypress Bay Golf Course, between North Myrtle Beach and the SC/NC state line. 5 minutes from Intracoastal Waterway and numerous marinas.

You’ll find three separate homeowners associations within this development that contains, among the three HOAs, approximately 300 1- or 2-bedroom units. The subject is located in the original HOA which was built with larger units than the newer sections.

The 2-BRs in this original section have fireplaces, two balconies, and approx. 1133 SqFt (compared to about 888 SqFt in the newer sections). Like most condos, we have the subject floor plan and can email it to you upon request (no charge).

True, it hasn’t been a straight-line progression, but clearly, the numbers do not look bad. In the last two months, sales increased substantially compared to the same month in the prior year. We saw double-digit increases in May. And in June, for both condos and single family, you’re looking at a 9% increase in sales.

3) Median Sales Prices, 12 Months Ended June 30, 2012

You don’t have to be a statistician to see that overall, prices have been stable to increasing.

Once again pulling from MLS, the only price point that showed a decline is single family homes priced over $450,000. But because that price point covers such a wide range, the generalization skews the results; in this scenario, prices ranged from $451,000 to $3,550,000.

Three days ago, an articlein the Sun News reported declining housing inventory; specifically, a 7% drop for single family homes and 11% decrease for condos.

In that article, Realtor/Broker Rod Smith was quoted as saying, “the decline in inventory listings is because there is still a lot of sellers out there not motivated to put their property on the market at today’s prices.” They say, “I don’t have to sell now, I’m going to wait until the market improves.”

I’m sure that’s an accurate assessment; many folks are holding off from putting their property on the market. And whatever the reason for the declining inventory, it’s good for the market, because everyone knows that supply/demand is the primary force behind pricing. With oversupply, prices fall. With scarcity, prices rise.

Clearly, we’re not at the point of scarcity, but statistically, we’ve already reached balanced inventory.

In this post questioning whether Myrtle Beach has hit bottom, we examined five key indicators, one of them being Median Days on Market for properties sold. The data revealed days on market had declined over the last year for both condos and single family from 5.5 months to roughly 4 months.

I don’t have a crystal ball, and it’s true, we have many more foreclosures coming on the market. But judging by historical data, the Myrtle Beach market’s in pretty darn good shape.

Yes, it’s true, local foreclosure filings jumped, reportedly 46% in the first half of 2012 compared to last year. So that’s the bad news. But what about all the good news?

What good news, you ask?

It’s the diminishing gap between listings and sales, it’s the increasing number of properties sold each month, it’s the stable to increasing prices in six out of eight price brackets of condominiums and single family homes.

Much of the data that does get reported is generalized and doesn’t paint a clear picture. Case in point. Three days ago, a story in the Sun News, the local daily newspaper, stated,

“The median price of a single-family home sold along the Grand Strand dropped 2 percent, to $159,900, in the first half of the year compared to the same period last year, according to the MLS. The median price of a condo dropped 3 percent, to $107,000, in the first half of the year compared to the same time in 2011, according to the MLS.”

But using the same MLS data, if you break it down by price points, it looks much different. Five price points actually increased over the last year (one by 9%), one remained unchanged, and only two decreased:

Single Family Median Sale Prices: 6 Months: January 1 – June 30

Price Range

2011

2012

Percentage Change

$000,000 – $150,000

$110,000

$112,925

+ 3%

$150,001 – $300,000

$205,000

$205,000

No Change

$300,001 – $450,000

$350,000

$359,000

+ 3%

$450,001 & Up

$625,000

$593,900

(-5%)

Condominium Median Sale Prices: 6 Months: January 1 – June 30

Price Range

2011

2012

Percentage Change

$000,000 – $150,000

$ 82,000

$ 80,000

(-2%)

$150,001 – $300,000

$198,000

$200,000

+ 1%

$300,001 – $450,000

$350,000

$351,800

+ 1%

$450,001 & Up

$550,000

$599,900

+ 9%

So let’s see what’s really going on.

1) Ratio of Sales to Listings: 12 Months ended June 30

Take a look at the progression over the last four years.

In 2009, out of 6,264 single family listings, there were only 3,169 sales. That’s a 51% sales-to-listings ratio.

In 2010, that ratio improved to 66%

In 2011: 69%

In 2012: 82%

Likewise, the ratio of sales to listings has vastly improved for condos over the last four years:

This property was hand-picked for The Certifax Report. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

The Sawgrass East townhouse community was started in 2004 by Portrait Homes, a national homebuilding/development company. With approximately 150 2- or 3-bedroom townhomes and an average price of around $90,000, some of the units have 1-car garages, but neither the subject nor the four sales shown below include garages. The photo shown above is representative of townhomes in the community. Actual subject photos are shown below.

Sawgrass East is within a 12,000-acre tract called Carolina Forest containing dozens of planned developments in unincorporated Horry County, carved out of timberland in the mid-1990s. West of and adjacent to the Intracoastal Waterway, Carolina Forest is bordered by Highway 501 and International Drive.

Pros: Carolina Forest is close to everything and only about ten minutes to beaches, downtown Myrtle Beach and the airport. Plus, it has a sought-after school district.

Con: Some 15,000 people use the main road through Carolina Forest, connecting Highway 501 and International Drive, and until it’s widened to four lanes, you can expect it to be slow-going and congested during rush hour.

]]>Welcome to Premium-Content Reportshttps://certifaxappraisals.com/welcome-to-these-3-premium-content-reports/
Fri, 27 Jul 2012 05:39:10 +0000http://certifaxappraisals.com/?p=5708Here’s how you can maximize this service:
Here you’ll find three recent reports. Premium subscribers get alerted when new properties are added, so you can act quickly before they’re sold. Our top picks (10% or more under market) are at THIS LINK. Plus dozens more get reported in the member-only premium content area.

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If you see something on the Top Picks list and want more details: Everything’s dated and in chronological order. Find the date on the Top Picks list and then you can locate it in the Premium Content section.

Many of the older listings have already been sold. These don’t last long.

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Our goal is to help you and your family feel relaxed and worry-free, knowing what you’re getting into, acting on solid research. If there’s anything we can do for you, please let us know.

This property is located in a subdivision called Mt. Gilead near the fishing village of Murrells Inlet. This S/D, with tree-lined streets, has a mix of home styles and ages dating back into the early 1970s. You’ll find one-level homes like the subject as well as sprawling 5000 SqFt homes.

The S/D is adjacent to an inlet and throughout the S/D is a man-made deep-water channel, thus many homeowners are able to dock their boats right behind their houses. The subject and sales used below are all interior lots with no water access.

Woodbury S/D started around 2006 by D.R. Horton homebuilders. HOA dues $70/month. Most lots are around 1/5 acre. Most homes are 3 BR, 2-bath, 2-car garage, 1500 to 2000 GLA (heated SqFt), priced $128K to $238K with an average price of $173K.

Woodbury is sandwiched between several other similar-style S/Ds located in the Socastee section of Myrtle Beach between Highways 17, 707 and 544.

Parkview townhouses were developed by Portrait Homes. The project, started around 2004, has a community pool and approximately 200 townhomes (2- and 3-BR units). Prices range from about $80K to $130K with an average price of about $100,000.

The subject townhouse is a corner unit with a screened porch.

Noteworthy is the subject is near an area known to have ground water contamination. The S.C. Dept. of Health and Environmental Control is investigating the release of hazardous substances from AVX Corporation’s Myrtle Beach plant (within about a mile of the subject). You can read more about the contamination and possible hazards on the DHEC site HERE.

Walkers Woods is one of dozens of planned developments within an area known as Carolina Forest. Carolina Forest, in unincorporated Horry County, was carved out of 12,000 acres of timberland in the mid-1990s. West of and adjacent to the Intracoastal Waterway, it is bordered by Highway 501 and International Drive. Most homes in Walkers Woods were built between 2000 and 2007 and range from 1,200 to 2,700 GLA (heated square feet) with 3- or 4-bedrooms. Prices range from about $105K to $180K with an average price of around $137K. Photo shown above is typical house in subject S/D. See below for actual subject photos.

Pros: Carolina Forest is close to everything — ten minutes to beaches, downtown Myrtle Beach and the airport. Plus, it has a sought-after school district.

Con: Some 15,000 people use the main road through Carolina Forest, connecting Highway 501 and International Drive, and until it’s widened to four lanes, you can expect it to be slow going and congested during rush hour.

This property was hand-picked for The Certifax Report. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Ashton Glenn subdivision has approx. 250 homes, most of them between 1200 SqFt and 2200 SqFt, most of them one-story like the subject property. The community has a pool with HOA dues of approx. $63 per month.

The subject is listed at $144,500 or approx. $93.3 per SqFt. The most recent five sales in the subject S/D have sold for approx. $102 per SqFt. Thus, the subject is listed at about 9% under recent sales. Currently in MLS, a 3-BR, 2-bath, 1250 SqFt home is listed for sale at $139,900 (MLS # 1211650), or approximately $111.9 per SqFt. After that, the next lowest priced property in Ashton Glenn is a 3BR/2Bath, 1650 SqFt home listed at $169,900 (MLS #1203384).

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Sea Mist Resort was originally built as a hotel around 1975 and converted to condominiums around 2006. This project is operated as a hotel with a front desk, pools, lazy rivers, restaurants, mini-golf, waterpark, wireless internet. Sea Mist is in a very touristy section of Myrtle Beach with amusement parks nearby. As a result, this type property is ideal for someone who wants to rent their unit to tourists.

The subject unit has a mini kitchen with full-size frig and microwave. The subject unit and the sales shown below are not direct oceanfront units but rather they’re on the side of the building with ocean views. Thean oceanthree similar-unit sales shown below are not direct oceanfront units but rather set on a diagonal with partially obstructed views.

If you’re interested in this unit, we have the floor plan and can email it to you.

This property was hand-picked for The Certifax Report. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

This townhouse project consists of approx. 75 2- or 3-BR units. The community has its own pool and HOA dues of $65 per month. Located between North Myrtle Beach and the SC/NC state line. 5 minutes from Intracoastal Waterway and numerous marinas. All brick exteriors. First floor master bedrooms. Second and third bedrooms and guest baths are on the second floor.

Heads up. If you have a cat that likes to go outside, the HOA restricts cats from roaming the neighborhood, and the last we knew, one of the homeowners frequently traps the cats and turns them into animal control.

We found only one recent 3-BR sale in the subject TH project. In the same Little River area, there are two other townhouse projects that look almost identical to this–same brick exteriors and same floor plans. They are Parkway Townhomes and Village at Little River. We found a sale at Parkway from January 2011 (included below). Currently in MLS, the lowest priced active 3-BR listing among the three TH projects (after the subject listing) is priced at $104,900 (shown in the table below, MLS # 1117208). Note, there is a Tybre Downs 3-BR “potential short sale” unit listed at $99,900, but we have purposely omitted it because usually with short sales, the property is listed at a low price that often the banks won’t even accept, but it’s done to get people bidding.

If you’re interested in this townhouse, we have the floor plan and can email it to you.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Seacroft subdivision is located on the south end of the Grand Strand between Business and Bypass Highways 17. The subdivision consists of patio homes (small lots around 1/10 acre). This S/D has no HOA. The photo shown above is not the actual house but rather one that is similar in design. You can see the subject’s photo below. The property is tenant-occupied, so the Realtor did not include interior photos, but she reports the house has a fireplace and ceramic tile in the kitchen.

These townhouses, built by D.R. Horton (a national homebuilding/development company), are in The Farm at Carolina Forest, a subdivision with hundreds of single family homes. This is one of dozens of planned developments within an area known as Carolina Forest. Carolina Forest, in unincorporated Horry County, was carved out of 12,000 acres of timberland in the mid-1990s. West of and adjacent to the Intracoastal Waterway, it is bordered by Highway 501 and International Drive.

Pros: Carolina Forest is close to everything — ten minutes to beaches, downtown Myrtle Beach and the airport. Plus, it has a sought-after school district.

Con: Some 15,000 people use the main road through Carolina Forest, connecting Highway 501 and International Drive, and until it’s widened to four lanes, you can expect it to be slow-going and congested during rush hour.

This property was hand-picked for The Certifax Report. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Island Green is a fairly large (hundreds of acres) housing community started in the 1980s with numerous small sections and different styles including detached homes and condos. The community has indoor and outdoor pools and an amenity center with fitness room, and it’s built around Island Green Golf Course. Located about a 20-minute drive from the beach.

This property was hand-picked for The Certifax Report. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Subject property is located within Tidewater Plantation, started in the early 1990s, an established, security-gated, upscale community on the north end of the Grand Strand. Named “Best New Course” by both Golf Digest and Golf Magazine when it opened in 1990, it was also ranked in Golfweek’s Best Courses You Can Play in 2007. The biggest complaint most people have about Tidewater is the short but necessary drive along Little River Neck Road (with many rundown properties) before reaching the entrance to Tidewater Plantation. Once you’re within Tidewater, it’s like an oasis.

Within Tidewater Plantation, most homes are priced between $200,000 and $500,000 with an average price of around $300,000.

This property has a 0.14 acre lot with a privacy wall around the backyard. If you’re interested in this house, we have the floor plan on file and can email it to you.

Among the five sales listed below, none of them have golf course views.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Island Green is a fairly large (hundreds of acres) housing community started in the 1980s with numerous small sections and different styles including detached homes and condos. The community has indoor and outdoor pools and an amenity center with fitness room, and it’s built around Island Green Golf Course. Located about a 20-minute drive from the beach.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

This is a townhouse-style condominium, aka horizontal property regime/HPR. It feels like a townhouse, however, like a condo, you only own the space between the walls. St. Andrews is nestled between World Tour and River Oaks golf courses. All 3-BR townhouses have individual garages and ground-level master bedrooms. 120 units. Amenities include pool and hottub.

Currently in MLS, the lowest priced active listing after the subject is priced at $115,000 (MLS # 1012730).

On April 11, 2012, The S.C. Supreme Court ruled ownership belongs to the State of S.C.

If that decision is not overturned, the City of North Myrtle Beach plans to dredge. However, best case scenario is dredging will not begin until the fall of 2014 and will likely involve a special assessment tax district in the area to help pay for dredging.

If dredging is not completed, rental properties along the channels could lose their appeal to vacationers causing property values to decline.

Meanwhile, until the dredging occurs, many boaters must time their trips with the high tide.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Indigo Fields is on the south end of the Grand Strand located just west of ByPass Highway 17. The subdivision has about 65 lots, and most houses are 3- or 4-BR with 1500 to 2400 square feet ranging in price from $150K to $190K with an average price of about $170K.

We could find no sales in 2012. Currently in MLS, the lowest priced active listing (after the subject) is a bank-owned, 3-BR property priced at $159,900 (MLS # 1205615). The next lowest priced house is listed at $185,000 (MLS # 1204638).

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Built 1989, 50-unit condo project adjacent to the Intracoastal Waterway in the Socastee area of Myrtle Beach (outside City limits). All same floor plan. Parking under the building. Swimming pool, 2 elevators, tennis courts, boat ramp. Excellent appeal for primary home use.

With only 50 units, this is a relatively small project, and we found only one sale in the last year. Currently in MLS, the lowest priced active listing (after the subject) is priced at $99,500 (MLS # 1207535).

Located off Bypass Highway 17 between Highway 544 and Glens Bay Road (south end). Mostly five to ten-year-old, 3- and 4-bedroom houses with 1500 to 2200 square feet. Prices range from about $120K to $250K with an average of around $175K.

This property was hand-picked for The Certifax Report. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Located on the south end of the Grand Strand off the “Garden City Connector” road, between Bypass Highway 17 and Business Highway 17. Currently in MLS, the lowest priced 3-BR unit (after the subject) is priced at $114,900 (MLS # 1206434).

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Carolina Yacht Landing is on the west side of the Intracoastal Waterway and borders North Myrtle Beach. The project has around 18 low-rise buildings with approximately 355 units in total. Several of the buildings overlook an inlet area with boat slips for the Waterway. The subject building and the sales listed below are not on the Waterway.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Windsor Green condominium project at Waterford Plantation is built adjacent to The Wizard and Man-O-War golf courses off Highway 501. Between Myrtle Beach and Conway. Located only a few miles from a hospital, technical college and from CCU (Coastal Carolina University). Good appeal for primary and second-home use.

Jasmine Lakes is a stable condo project built around 1999. Located in a residential area between Bypass Highway 17 and Business Highway 17 on the sound end of the Grand Strand, just south of Garden City Beach. Approx. 20-minute drive to the airport.

Currently in MLS, the lowest priced active listing of a 3-BR unit in Jasmine Lakes is priced at $100,000 (MLS #1116847).

In addition to these sales, it should be noted another 3 BR at Jasmine Lakes sold that I purposely omitted, as follows: 627 Woodmoor Circle, Unit # 101, closed 2/21/2012 for $70,000. The seller, who is also a Realtor, purchased the unit at foreclosure auction two months earlier for $56K and flipped it two months later without having to pay a real estate commission. Thus, that is not representative of the market and has been excluded from this analysis.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Woodbury S/D started around 2006 by D.R. Horton homebuilders. HOA dues $70/month. Most lots are around 1/5 acre. Most homes are 3 BR, 2-bath, 2-car garage, 1500 to 2000 GLA (heated SqFt), priced $128K to $238K with an average price of $173K.

Woodbury is sandwiched between several other similar-style S/Ds located in the Socastee section of Myrtle Beach between Highways 17, 707 and 544.

**IMPORTANT** This is a bank owned property and MLS only shows front & view photos. The listing agent stated the property is currently rented and its interior is in average condition with typical cosmetic wear and tear. Buyers must honor the lease. Tenant pays $825 a month; lease expires 8-8-13. If buyer intends to use property as primary home, buyer can give 90 days notice, after closing, to the tenant.

Currently in MLS, the next lowest priced listing is priced at $124,900 (MLS # 1210941), a bank-owned 3-BR, 2-bath, 1650 GLA home built in 2006. After that, the next lowest priced property is listed at $154,900.

This property was hand-picked for The Certifax Report; it has since sold. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Located in the Windy Hill section of North Myrtle Beach, this condo project is adjacent to a salt-water tidal marsh and about a two-minute walk from the ocean. This 32-unit project consists entirely of 2- and 3-BR units. Outdoor pool. Limited ocean views between buildings in the distance.

This property was hand-picked for The Certifax Report. These deals often go contract pending within days of our reporting. If you want our research, analysis and alerts so you can act fast, subscribe here.

Project started in 2006. Easy access to Highway 501, International Drive, Grissom Parkway and Highway 31. If you’re considering a property to buy and rent, have a close look at this one. Currently the lowest priced active 2-BR listing is priced at $75,000 (MLS # 1210026).

When you look at these graphs, you can’t help but feel optimism about the Myrtle Beach market. Here’s why. In 2009, the ratio of single family sales-to-listings was only 51%. That ratio has improved year-by-year to the current ratio of 80% for the 12 months ended May 31, 2012. Likewise, among condos, the ratio has improved from only 35% in 2009 to 72% in 2012.

(Click on Graphs to Enlarge)

4.Housing Supply

Among real estate professionals, it’s widely acknowledged that a six-month supply represents balanced inventory. How is supply measured? Divide the current number of available listings by the absorption rate (median number of sales per month).

Currently, among both condos and single family, a 13-month supply exists. However, and this is a BIG however, many sellers have way overpriced their listings with pie-in-the-sky expectations. As a result, their listings linger on the market and skew the data. A better indicator is the median number of days it takes to sell a listing, because the sensibly-priced listings are the ones that attract buyers.

5. Median Days on Market for Properties Sold

Notable are the declining days on market; i.e., the median number of days it took for a listing to sell. Here you can see the days on market over the last year have declined from 5.5 months to 4 months for both condominiums and single family homes.

Provided there are no cataclysmic events or there’s not another round of foreclosure shadow inventory entering the market, all indicators point to a Myrtle Beach real estate market poised for a rebound.